Stumbling towards default

The stress tests have revealed that the banking crisis is worse than envisaged under the EU/IMF bailout. And the EU isn’t helping us, writes Ray Kinsella

THE publication of the results of the stress test and the proposals for restructuring of the banks announced by the Government is unlikely to draw a line under Ireland’s ongoing banking crisis.

This is no responsibility of the new Government, who have sought with some degree of courage and conviction to convince EU partners to accept their responsibilities in resolving the banking crisis.